“Takatora Tsvimbo Ndokurova”: Mnangagwa Says EcoCash Was Sabotaging The Economy And Causing Runaway Inflation

Mnangagwa Says EcoCash Was Sabotaging The Economy

President Emmerson Mnangagwa has attacked the country’s biggest mobile money company Ecocash, accusing it of sabotaging the economy and causing the country’s runaway inflation.

According to the President, EcoCash was creating billions of dollars of phantom money, which was prompting the country’s inflation to skyrocket. He went on to assert that the government had decisively dealt with the alleged scourge by taking a knobkerrie and pummelling ‘them’ (takatora tsvimbo ndokurova) .

The Sunday Mail reports that President Emmerson Mnangagwa said the remarks while addressing  ZANU PF Midlands Provincial Coordinating Committee (PCC) members in Gweru on Saturday.

Said the President,

The president also said that his administration will leave no stone unturned in its efforts to fight corruption.

In August, the Reserve Bank of Zimbabwe (RBZ) severely curtailed the impact and of reach of mobile money by banning all agent lines permanently. The move severely affected all mobile money companies, but EcoCash in particular, as the company’s market share was greater than 90 percent.

The RBZ claimed that the agent lines were being used for illicit financial transactions, primarily illegal foreign currency exchange transactions. The central bank has also alleged that EcoCash was running an elaborate Ponzi scheme which was accelerating the black market exchange rate and devaluing the Zimbabwe Dollar.

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